FxWirePro: Gold forms Evening star pattern, good to sell on rallies

Candlestick pattern- Evening star pattern

Major resistance- $1251

Gold has shown a minor correction after a jump of more than $25 in previous week. The yellow metal hits high of $1250.63 and is currently trading around $1247.20.

On the higher side, any break above $1251 confirms further bullishness, a jump till $1260 is possible.

The near term support is around $1241 (200- day MA) and any break below confirms minor weakness and a decline till $1228/$1224 (55- day EMA) is possible.

It is good to sell on rallies around $1247-$1248 with SL around $1252 for the TP of $1229/$1224.